Julie Wainwright has experienced the ups and downs of entrepreneurship firsthand, having taken two companies public. In her memoir, Time to Get Real, she goes beyond mere accolades and reveals the complex realities of leading a business. Through candid stories, she discusses setbacks, particularly her well-known struggle with Pets.com during the 2000 market crash.
The Rise and Fall of Pets.com
Pets.com became a household name, recognized for its iconic sock puppet mascot and catchy slogan, “Because pets can’t drive.” However, after going public in 2000, the company collapsed within the same year amidst the dot-com bubble burst. Wainwright faced a dual blow on a personal level, as the same day she announced the closure, her husband requested a divorce.
Early Career Achievements
Before her challenges with Pets.com, Wainwright had a promising career trajectory. She began at Clorox and then advanced through various tech companies during the 1990s, a period when female leadership was scarce. As the CEO of Berkeley Systems and later Reel.com, she significantly expanded revenue, increasing it from $3 million to $25 million, ultimately leading to the sale of Reel.com to Hollywood Video.
The Turning Point
Following the collapse of Pets.com, Wainwright faced a difficult transition, often only being offered roles to revive struggling companies. However, this led her to a successful second act in 2010 with the founding of The RealReal, which revolutionized the luxury consignment market online. Starting from her home, the business has since expanded to handle tens of thousands of luxury items monthly, operating from over 1.2 million square feet of warehouse space. In 2019, she successfully led the company through its IPO.
Challenges and Resilience
Despite her comeback, Wainwright faced another setback in 2022 when she was unexpectedly ousted from The RealReal by board members she personally recommended. She refers to this episode as a “power play” by an investor who sought control over the company due to financial dissatisfaction.
Insights and Practical Wisdom
Wainwright’s memoir offers more than personal anecdotes; it includes valuable insights into leadership. She discusses strategies such as employee bonuses and shares lessons learned from her hiring choices, including the pitfalls of employing a “dumb aggressive” type—individuals who prioritize dominance over capability.
New Ventures Ahead
Wainwright is not stopping her entrepreneurial journey. She is currently developing Ahara, a nutrition company focused on personalized dietary recommendations tailored to genetic and individual needs.
In her memoir, Wainwright aims to provide entrepreneurs with a realistic perspective on business challenges, hoping to inspire them to learn from her experiences. For those seeking insights into the highs and lows of entrepreneurship, Time to Get Real is a valuable read that intertwines memoir with practical guidance.